Uganda shilling strengthens during the week
The local currency opened and closed the first trading day of November at 3,655/3,665 levels, boosted by residual month-end inflows and minimal demand.
Uganda shilling strengthens during the week
NewVision Reporter
@NewVision
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The Uganda shilling appreciated against the US dollar, closing the week at 3,656/3,665, compared to 3,660/3,670 in the previous week.
The local currency opened and closed the first trading day of November at 3,655/3,665 levels, boosted by residual month-end inflows and minimal demand.
The market experienced tight liquidity conditions Friday with overnight yields averaging 11.38% according to Absa market report.
The Bank of Uganda is set to hold a Treasury Bill auction on Wednesday, November 6, 2024, which may influence market sentiment.
Uganda’s annual inflation rate edged lower to 2.9% in the year to October 2024, down from 3.0% in September, the Uganda Bureau of Statistics (UBOS) said.
The slight decrease was driven by a moderation in food crops and related items inflation, which fell slightly during the review period.
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